Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
Issue oflLS 323 million
The distribution is 4.15% per year and is made payable annually
in arrears as of the issue date (14 July 2008), for the first time on
14 July 2009. As of 14 July 2018, the distribution will be made
payable annually based on an index related to the interest rate
paid on Israeli government bonds with terms between 4.5 and
5.5 years plus an annual 2.0% mark-up.
Issue of USD 225 million
The distribution is 7.375% per year and is made payable every
six months in arrears from the issue date (24 September 2008),
for the first time on 24 March 2009. The issue was redeemed on
the earliest redemption date of 24 March 2014.
Issue ofNZD 900 million
The distribution on the NZD Capital Securities equals the
one-year swap interest rate plus an annual 0.76% mark-up and
is made payable annually on 8 October, until 8 October 2017.
As of 8 October 2017, the distribution will be made payable
every quarter based on the 90-day bank bill swap interest rate
plus an equivalent mark-up.
The level of profit made by Rabobank may influence the
distribution on the Capital Securities. Should Rabobank become
insolvent, the Capital Securities are subordinate to the rights
of all other (current and future) creditors of Rabobank, unless
the rights of those other creditors are substantively determined
otherwise.
Equity instruments issued by subsidiaries
Issue ofNZD 280 million
Rabobank Capital Securities Limited has issued capital
securities, the distribution of which equals the five-year swap
interest rate plus an annual 3.75% mark-up and was set at
8.7864% per annum on 25 May 2009. As of the issue date
(27 May 2009), the distribution is made payable every quarter
in arrears, for the first time on 18 June 2009 (short first interest
period). As of 18 June 2014, the distribution will be made
payable every quarter based on the five-year swap interest plus
an annual 3.75% mark-up. As of 18 June 2019, the distribution
will be made payable every quarter based on the 90-day bank
bill swap interest rate plus an annual 3.75% mark-up.
Issue of EUR 125 million
In November 2004, Friesland Bank N.V. issued perpetual Capital
Securities.These are undated bonds listed on the Euronext
stock exchange. The bonds are subordinated to all the bank's
other present and future liabilities. For supervisory purposes,
the bond loan qualifies as part of the bank's core capital.
The distribution on the bond loan is linked to the yield on
Dutch 10-year government bonds plus a margin of 0.125%,
maximum 8%. The interest rate is reset on a quarterly basis.
Interest payments must be deferred if, 20 days prior to the date
of payment, it is known that payment of interest will cause the
solvency ratio to drop below the minimum capital required
by the supervisory authority. In addition, the bank may decide
to defer interest payments. The bond was redeemed on the
earliest redemption date on 3 December 2014.
Trust Preferred Securities III to VI
In 2004, four tranches of non-cumulativeTrust Preferred
Securities were issued.
Rabobank Capital Funding Trust III, Delaware, a group
company of Rabobank, issued 1.5 million non-cumulative
Trust Preferred Securities. The expected distribution is
5.254% up to and including 21 October 2016. For the
period 21 October 2016 to 31 December 2016 inclusive,
the expected distribution is equal to the interpolated USD
Libor rate forthe period, plus 1.5900%.The company has the
right not to make a distribution. Thereafter, the expected
distribution is equal to the three-month USD Libor rate plus
1.5900%.The total proceeds from this issue amounted to USD
1,500 million. As of 21 October 2016, theseTrust Preferred
Securities can be repurchased on each distribution date
(which is once a quarter) after prior written approval has
been secured from the Dutch Central Bank.
Rabobank Capital Funding Trust IV, Delaware, a group
company of Rabobank, issued 350,000 non-cumulativeTrust
Preferred Securities.The expected distribution is 5.556%
up to and including 31 December 2019. Thereafter, the
expected distribution is equal to the six-month GBP Libor
rate plus 1.4600%. The company has the right not to make
a distribution.The total proceeds from this issue amounted
to GBP 350 million. As of 31 December 2019, theseTrust
Preferred Securities can be repurchased on each distribution
date (which is once every half-year) after prior written
approval has been secured from the Dutch Central Bank.
Rabobank Capital Funding Trust V, Delaware, a group
company of Rabobank, issued 250,000 non-cumulative
Trust Preferred Securities. The expected distribution is the
three-month BBSW rate plus 0.6700% up to and including
31 December 2014.Thereafter, the expected distribution
is equal to the three-month BBSW rate plus 1.6700%.
The company has the right not to make a distribution.
The total proceeds from this issue amounted to AUD
250 million.The issue was redeemed on the earliest
redemption date on 31 December 2014.
234 Rabobank Annual Report 2015
